Discount chain Netto UK said it is “pleased” with the progress of the business as it reported an increase in full-year profits for 2009.
For the 12 months ended 31 December, the retailer earned GBP2.1m (US$3.1m) compared to GBP938,000 in the prior year.
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Turnover edged up to GBP745m from GBP744m in 2008, while operating profit reached GBP7.6m, a 53% jump on the year.
Charles Kay, managing director for Netto UK, added: “The first four months of trading for 2010 have been extremely buoyant for us here in the UK. I’m very pleased with the way the business is progressing. We are trading up, attracting more customers and increasing their spend in our stores.”
Kay added that “continued control of costs, good relationships with suppliers and more exciting marketing activities” have given the firm “greatly improved results”.
Netto said it plans to open several new stores over the coming months and will continue its refurbishment programme, which may result in the total rebuild of a number of its supermarkets.
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